Save Article

Congress Should Acknowledge Its Economic Failures

Updated Oct. 9, 2008 12:01 a.m. ET

As I read Steny Hoyer's ("Why the Bank Bill Should Pass," op-ed, Oct. 3), bile rose in my throat. The real truth in his fantasy tale of our congressional saviors was his statement that ". . . a failure of responsible regulation got us into this mess." Yes, Mr. Hoyer, it was a gross failure and it was the Congress, under both Republican and Democratic control, that consistently defeated attempts to regulate Fannie Mae and Freddie Mac and limit the demand those agencies created for high-risk securitized mortgages. Mr. Hoyer talks of the "recklessness" of CEOs and how they are undeserving...